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October 11, 2013
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Stanger Manor gets a revamp [4] Zimbali Golf Estate … with less than an hour before mining tycoon Mzi Khumalo’s two multimillion rand properties with a combined value of R15.9million went under the hammer, the auction was called off.
M ining ttycoon ycoon ssaves aves h is Mining his Z imbali p ozzie Zimbali pozzie Stanger sheriff’s office says over 300 calls of interest made for property JONATHAN ERASMUS/ MERVYN KRISHNA
A
N 11th hour deal saved South African mining tycoon Mzi Khumalo’s two multimillion rand properties in the luxury Zimbali Golf Estate outside Ballito from going under auction, yesterday morning. The plots were expected to be auctioned at the instruction of First Rand Bank at the office of the Sheriff in Stanger, KwaDukuza Municipality at 10am. But with less than an hour be-
fore the properties with a combined value of R15.9-million went under the hammer, the auction was called off. Acting for FRB, Alan Jacobs of Mendelow-Jacobs Attorneys said an arrangement was made within an hour before the auction took place adding that this “is not unusual”. He said Khumalo owed the bank approximately R14-million and not the R17-million as has been suggested in media reports. Deeds Office records show the two properties are owned by Khu-
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malo’s Trust, the Mzi Khumalo Family Trust. “My client is happy. Mr Khumalo has accepted a payment arrangement,” said Jacobs. He said the details of the agreement are “confidential” but added that all parties accepted the terms. According to the Stanger sheriff’s office, there were over 300 calls of interest made concerning Khumalo’ s properties, with a number of potential buyers having already arrived before 9am. Khumalo’slawyer, SikanderTayob, confirmed the matter had been
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finalised with all parties satisfied. “It has been amicably resolved,” said Tayob. Property valuation tool used widely by South African estate agents, Lightstone, said the properties on Camwood Street are valued at R7.6-million and R8.3-million respectively. Records show that between the two plots, Khumalo borrowed approximately R16-million from the bank. He bought the first vacant lot in 1996 for R475 000 and borrowed a combined R10.5-million from
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FRB which included a loan of R500 000 from the controversial bank Ansbacher South Africa, a former subsidiary of FRB registered in the tax-haven Cayman Islands. It has been implicated in Ireland as a vehicle involved in money laundering. The second lot was bought in 2003 for R510 000 for which he borrowed R8.5-million from FRB. Attempts to reach Khumalo proved unsuccessful. His Johannesburg home was contacted but staff told the Weekly he would only be home later this month.
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